$YHOO should find support …”should”
the last time we blogged for @seeitmarket about $YHOO we looked for pattern completion around 48-50. http://www.seeitmarket.com/will-yahoo-stock-top-alibaba-ipo-yhoo-13758/
since the highs we’ve corrected roughly 33 percent in the biggest correction since the 2008 lows.
today, we finished the first pattern BUY since the top and we also have 34 a little lower.
- .382 retracement from 2008 lows w/ a projection (blue arrows) SHOULD be support. we’ll see ….
if your a bull, these are critical levels. also, note on the weekly, the RSI does not show bullish divergence at lows (blue arrows) – it hits the RSI low and then starts back up. we “might” go lower on the RSI but bullish divergence isn’t needed.